The Financial Accounting Standards Board has decided it will give preparers, auditors, and users of financial statements another chance to review and comment on a new standard for revenue recognition.
After it issued a sweeping proposal last summer in tandem with the International Accounting Standards Board to overhaul revenue recognition, the FASB and IASB received nearly 1,000 comment letters providing feedback. The two boards have met numerous times since January to discuss how they should revise their proposal based on that feedback, and they have reached dozens of conclusions about how their proposal should be rewritten. With that amount of activity on a standard so critical to capital market activity, the boards have decided they’ll republish their revised proposal for another round of comment and revision.
